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192 SCHEDULE 1

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Guaranteed Serial Bond due ............................................................

[] (hereinafter called [the Borrower] ), for value received, hereby promises to pay to ......, or registered assigns, on the ...... day of ......... , 19..., at the office or agency of [the Borrower] in the Borough of Manhattan, in The City of New York, the sum of ......... in such coin or currency of the United States of America as at the time of payment is legal tender for public and private debts, and to pay interest thereon from the date hereof at said office or agency in like coin or currency at the rate of ......... per centum ( ...... %) per annum, payable semi-annually on ............... and ............... until payment of said principal sum has been made or duly provided for.

This Bond is one of an authorized issue of bonds of the aggregate principal amount of .................. (or the equivalent thereof payable in other currencies), known as the Guaranteed Serial Bonds of [the Borrower] (hereinafter called the Bonds), issued or to be issued under a Loan Agreement dated ............ between [the Borrower] and International Bank for Reconstruction and Development (hereinafter called the Bank) and guaranteed by [name of Guarantor] in accordance with the terms of a Guarantee Agreement dated ............ between [name of Guarantor] and the Bank. No reference herein to said Agreements shall confer upon the holder hereof any rights thereunder or impair the obligation of the Borrower, which is absolute and unconditional, to pay the principal and interest on this Bond at the times and place and in the amounts and in the currency herein prescribed.

This Bond is transferable by the registered holder hereof, or by his attorney duly authorized in writing, at said office or agency of [the Borrower] in the Borough of Manhattan, upon payment, if [the Borrower] shall so require, of a charge calculated to reimburse [the Borrower] for the cost of the transfer and upon surrender of this Bond for cancellation, duly endorsed or accompanied by a proper instrument or instruments of assignment and transfer. Upon any such transfer a new fully registered Bond or Bonds, without coupons, of authorized denominations, of the same maturity and in the same aggregate principal amount, will be issued to the transferee in exchange for this Bond. Upon payment, if [the Borrower] shall so require, of a charge calculated to reimburse [the Borrower] for the cost of the exchange (1) bearer Bonds with interest coupons attached (hereinafter called coupon Bonds) of any maturity, together with all unmatured coupons thereto appertaining, may be exchanged upon presentation and surrender thereof at said office or agency in the Borough of Manhattan for coupon Bonds of other authorized denominations with all unmatured coupons thereto appertaining, or for fully registered Bonds without coupons (hereinafter called registered Bonds) of any authorized No. 3007